TDS Rate Chart: Revised TDS Rates for FY 2020-21 or AY 2021-22

TDS Rate Chart: Revised TDS Rates for FY 2020-21 or AY 2021-22

In line with important announcement made by our FM, she has today announced that TDS & TCS Rates will be reduced by 25%. This reduction will take place for non-salaried persons. These rates will be applicable upto 31st March 2021. Revised TDS Rates for FY 2020-21 or AY 2021-22 is given below for referance.

TDS Rate Chart: Revised TDS Rates for FY 2020-21 or AY 2021-22

Due dates for TDS quarterly Returns:

Quarter	Period	Due Date
Q1	1 April 2020 – 30 June 2020	31st July 2020
Q2	1 July 2020 – 30 September 2020	31st October 2020
Q3	1 October 2020 – 31 December 2020	31st January 2020
Q4	1 January 2020 – 31 March 2021	31st May 2021

Due dates for TDS payment:

Month	Due date for Government deductors	Due date for other deductors (Company, Individual, HUF etc)
April	7th May 2020	7th May 2020
May	7th June 2020	7th June 2020
June	7th July 2020	7th July 2020
July	7th August 2020	7th August 2020
August	7th September 2020	7th September 2020
September	7th October 2020	7th October 2020
October	7th November 2020	7th November 2020
November	7th December 2020	7th December 2020
December	7th January 2021	7th January 2021
January	7th February 2021	7th February 2021
February	7th March 2021	7th March 2021
March	7th April 2021	30th April 2021

Interest on late payment and Late deduction of TDS:

As per section 201(1A) Interest at the rate of 1% per month or part of the month on amount of TDS from the date of tax was deductible till the date of tax actually deducted shall be charged for late deduction.

Also, for late payment Interest at the rate of 1.5 % per month or part of the month on amount of TDS from the date of tax was deducted till the date such tax is paid shall be charged.

Interest on late payment of TDS:

Changes made as per Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 24th March 2020:

For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum (i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.

Fees for default in filing of TDS/ TCS return:

Fees is payable at Rs. 200 per day for each day during which the failure continues. The amount of fees cannot exceed than the amount of TDS

You May Also Like:

• TDS Rate Chart for FY 2020-21 or TDS Rates for AY 2021-22
• Who is liable to deduct Tax at Source (TDS) | Who is liable to deduct TDS

The post TDS Rate Chart: Revised TDS Rates for FY 2020-21 or AY 2021-22 appeared first on Studycafe.

from Studycafe https://ift.tt/2T1kuLe